XRP has experienced a significant surge, with its market cap increasing by 23% in the past 24 hours. Wallets holding between 1 million and 10 million XRP on the XRP Ledger now control a record-breaking 7.06 billion coins, valued at $4.42 billion.
Additionally, discussions about XRP on social media have reached their highest levels since January, reflecting renewed interest and optimism around the cryptocurrency.
📈 XRP's market cap has skyrocketed once again, growing by +23% in the past 24 hours. Wallets holding between 1M-10M coins on the XRP Ledger now hold an all-time high 7.06B coins ($4.42B), and the project's social media discussions are at their highest levels since January. pic.twitter.com/QjEzIZGQAJ
— Santiment (@santimentfeed) August 7, 2024
This surge comes on the heels of a landmark U.S. court ruling that determined XRP is not a security, contradicting the SEC’s claims.
The SEC’s loss in its case against Ripple has provided much-needed regulatory clarity, which is being hailed as a massive bullish event for both XRP and the broader cryptocurrency market.
The ruling has not only sparked a wave of bullish sentiment but also fueled speculation that the SEC and Ripple might be quietly working on an XRP ETF, which could further elevate the coin’s standing in the market.
$XRP – The Big Report:
Everyone who knows me understands that I'm a major investor in XRP. This report is going to lay out the facts and show you exactly where we’re heading next.
XRP is a masterpiece for the long term. If you’re thinking of making a quick buck with day trading… pic.twitter.com/w6ww9uSE6v
— Doctor Profit 🇨🇠(@DrProfitCrypto) August 7, 2024
XRP Shows Promising Signs For Better Price OutlookÂ
From a technical analysis perspective, XRP is showing promising signs as well. The cryptocurrency has formed a textbook multiple-year symmetrical triangle, a pattern that typically signals a significant price movement. Should XRP successfully break out of this formation, it could trigger a massive bullish wave, potentially driving the price towards the $3-$5 range.
$Xrp#Xrp Has Recently Been Declared Not A Security By The SEC, Bringing An End To The Case With A Fine. This Is Extremely Beneficial For Both The Entire #Crypto Market And XRP Itself. Furthermore, XRP Has Formed A Textbook Multiple-Year Symmetrical Triangle, And A Successful… pic.twitter.com/q0jMm0eydf
— World Of Charts (@WorldOfCharts1) August 8, 2024
Overall, the combination of favorable regulatory developments, increased market activity, and strong technical indicators positions XRP for substantial growth in the near future. As the cryptocurrency market continues to evolve, XRP’s newfound momentum could serve as a catalyst for broader market gains, benefiting not just XRP holders but the entire crypto ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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